India’s Demonetization Aftershocks: Poor Planning and Frustration

India’s Demonetization Aftershocks: Poor Planning and Frustration

Source: Linkedin Indian Prime Minister Narendra Modi’s demonetization policy was a brave move to fight against the money laundering and financing terrorism by removing 86% of the country’s currency from circulation. However, demonetization announcement has also sent shockwaves throughout the country’s economy and brought some confusion and frustration amongst local and foreign nationals. In a country, where more than 20% of the population lives in poverty and only half of Indian adults have bank accounts, demonetization seems to be unrealistic. The main question remains is that if demonetization was the result of an impulse or thought through. Was the technology companies, banks, mobile payment vendors and industry players being consulted prior to the announcement? Or to put it in a simple word; was any brain applied to examine the consequences? In my recent trip to India, I faced two major challenges. Number one, I was not able to purchase any Indian Rupee in Singapore prior to my departure and number two after...
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